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Direct Tax Code 2011 DTC Bill Direct Tax Code Highlights Lok Sabha

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Direct Tax Code 2011 DTC Bill Direct Tax Code Highlights Lok Sabha
as effective April 1, 2012, it is likely to replace the Income-tax Act of 1961 under which you currently pay tax.
The very good part of it as of now for me is provident fund contributions and pure life insurance and annuity products, to the Exempt-Exempt-Exempt scheme from the earlier proposition of Exempt-Exempt-Tax scheme.
Which areas the Direct Tax Code will affect you?

  1. — Income tax slabs
  2. — Capital gains tax regime
  3. — Tax implications on withdrawal of retirement savings
  4. — Wealth tax

wealth tax is required to be paid @ 1% on wealth in excess of Rs.30 lakhs.
read more. DTC Bill 2010 | DTC Code Bill 2010 | Cabinet Clears Direct Tax Code Bill

The cabinet Thursday cleared a simplified Direct Tax Code to replace the 50-year-old Income Tax Act and free people from the clutches of chartered accountants and it is likely to be tabled in the ongoing monsoon session of parliament, informed sources said.

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One Comment

  1. Wealth Tax is currently paid @ 1% for Wealth above 30 Lakhs

    Now this Limit has been changed and wef 1 April 2012, Wealth Tax @ 1% would be liable to be paid for Wealth above 1 Crore

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